Core Viewpoint - Citic Securities indicates that the Federal Reserve may cut interest rates up to two times within the year, influenced by the recent CPI data and ongoing tariff measures [1] Economic Indicators - The U.S. March CPI growth rate was lower than expected and previous values, showing a consistent cooling trend [1] - The impact of tariffs on inflation was not significantly evident in March, despite the announcement of a "90-day tariff suspension" by Trump [1] Tariff Measures - Various tariff measures from the White House are still in effect, which may cumulatively increase the PCE deflator index by approximately 1.2% [1] - The overall CPI in the U.S. is unlikely to fall significantly below the current reading of 2.4% for the remainder of the year [1] Market Outlook - The market's pricing for U.S. economic stagnation appears to be adequately reflected, while the pricing for inflation may be underestimated [1] - The outlook for the U.S. stock market remains uncertain [1]